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Category: Economy
August 22, 2025
Economy

Canada Folds, Lifts Numerous Retaliatory Tariffs Against U.S.

PULSE POINTS

❓WHAT HAPPENED: Canada announced the removal of many retaliatory tariffs on U.S. goods, bowing to the Trump administration’s prerequisite that the duties be ended before trade talks can resume.

👤WHO WAS INVOLVED: Canadian Prime Minister Mark Carney, U.S. President Donald J. Trump, and a White House official.

📍WHEN & WHERE: The announcement was made on August 22, 2025.

💬KEY QUOTE: “As we work intensively with the United States, our focus is squarely on the strategic sectors,” said Prime Minister Mark Carney.

🎯IMPACT: The decision is expected to ease trade tensions and could lead to further negotiations between the two nations under the U.S.-Mexico-Canada Agreement (USMCA).

IN FULL

Canada’s Prime Minister Mark Carney announced on Friday that his country would remove many of its retaliatory tariffs on U.S. goods, signaling progress in trade relations between the two nations. The announcement was made during a press conference in Ottawa, Ontario.

The tariffs, initially imposed in March, included a 25 percent levy on a wide range of U.S. products, mostly falling under the U.S.-Mexico-Canada Agreement (USMCA). Beginning September 1, these trade duties will end, though similar tariffs imposed on Canada by the United States will remain in effect as negotiations continue. However, Canada will maintain its 25 percent tariffs on U.S. autos, steel, and aluminum.

“As we work intensively with the United States, our focus is squarely on the strategic sectors,” Carney stated during the press conference. He also noted that President Donald J. Trump assured him in a phone call that removing tariffs would pave the way for further negotiations.

A White House official described Canada’s decision as “long overdue” and expressed optimism about continued discussions on trade and national security concerns. The announcement comes as the USMCA, negotiated during Trump’s first term, is set for review later this year.

Canada’s counter-tariffs, originally imposed by then-Prime Minister Justin Trudeau, targeted CA$30 billion (US$21.7 billion) worth of U.S. goods. The decision to ease tariffs follows a period of heightened tensions, during which Trump raised tariffs on Canadian goods to 35 percent, citing issues such as the continued flow of fentanyl into the U.S. and Canada’s lack of cooperation on the matter.

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August 22, 2025
Economy

Is Jerome Powell Finally Poised to Cut Interest Rates?

PULSE POINTS

❓WHAT HAPPENED: Federal Reserve Chairman Jerome Powell signaled possible interest rate cuts amid ongoing economic uncertainty during his speech at the Fed’s annual Jackson Hole conference.

👤WHO WAS INVOLVED: Jerome Powell, Federal Open Market Committee (FOMC) members, and President Donald J. Trump, who has been vocal about his desire for lower rates.

📍WHEN & WHERE: Friday, August 22, 2025, at the Federal Reserve’s annual conference in Jackson Hole, Wyoming, with a potential interest rate cut being enacted in September.

💬KEY QUOTE: “[W]ith policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.” — Jerome Powell

🎯IMPACT: Powell’s remarks caused stocks to surge, with the Dow Jones Industrial Average climbing over 600 points, while Treasury yields dropped significantly. Moreover, the Jackson Hole speech appears to tee up an interest rate cut at September’s Federal Open Market Committee (FOMC) meeting.

IN FULL

Federal Reserve Chairman Jerome Powell addressed potential interest rate cuts during his speech at the central bank’s annual Jackson Hole conference on Friday. He cited “sweeping changes” in tax, trade, and immigration policies as factors creating uncertainty for policymakers. Powell noted that while the labor market ostensibly remains strong, data suggest employment could be weakening and this may necessitate a change in the Fed’s interest rate policy.

“[W]ith policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” Powell said. Although he stopped short of explicitly endorsing a rate cut, Wall Street interpreted his comments as a sign of potential easing. The Dow Jones Industrial Average gained over 600 points following the speech, and the two-year Treasury note yield dropped by 0.08 percentage points.

Powell emphasized the independence of the Federal Reserve from elected officials, stating, “FOMC members will make these decisions, based solely on their assessment of the data and its implications for the economic outlook and the balance of risks. We will never deviate from that approach.” This comes amidst pressure from President Donald J. Trump, who has repeatedly called for aggressive rate cuts.

The Fed has maintained its benchmark borrowing rate between 4.25 percent and 4.5 percent since December, citing uncertainty over the long-term impact of tariffs on inflation. Powell expressed that while tariff impacts may be “short-lived,” current economic conditions allow the Fed to proceed cautiously.

Importantly, the Fed chairman finally acknowledged that the central bank’s current rate policy could be hampering employment. “This slowdown is much larger than assessed just a month ago, as the earlier figures for May and June were revised down substantially,” Powell said, with the caveat: “But it does not appear that the slowdown in job growth has opened up a large margin of slack in the labor market—an outcome we want to avoid.”

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August 21, 2025
Economy

Don’t Worry! Arizona Iced Tea Is Remaining at Its Iconic Price.

PULSE POINTS

❓WHAT HAPPENED: Arizona Beverages’ chairman Don Vultaggio reaffirmed his commitment to maintaining the 99-cent price tag for the company’s iconic 22-ounce iced teas, despite rising production costs and tariffs.

👤WHO WAS INVOLVED: Don Vultaggio, chairman and co-founder of Arizona Beverages, alongside his two sons, Wesley and Spencer, who help run the family-owned business.

📍WHEN & WHERE: Arizona Beverages was founded in 1992 in Brooklyn, with Vultaggio’s remarks aired on TODAY on August 21, 2025.

💬KEY QUOTE: “I can kind of tighten my belt, because the people I service and the customers of mine, they’re tightening their belt every day.” – Don Vultaggio

🎯IMPACT: Arizona Beverages continues to prioritize affordability for consumers, even as production costs rise due to tariffs and material expenses.

IN FULL

Arizona Beverages’ chairman and co-founder, Don Vultaggio, has reiterated his intention to maintain the 99-cent price for the company’s 22-ounce iced tea cans, a price point that has remained unchanged since the company’s founding in 1992. In a recent television interview, Vultaggio stated, “Right now, no. We have no plan to do it,” when asked if he would raise prices as a result of import tariffs. “We’re trying to hold the line.”

Founded in Brooklyn, Arizona Beverages has grown from a warehouse operation into a multi-billion dollar brand under Vultaggio’s leadership, with his two sons, Wesley and Spencer, assisting in the business. The company’s commitment to affordability has been tested by rising aluminum costs, which have increased 40 percent due to tariffs. Arizona uses over 100 million pounds of aluminum annually, with 20 percent sourced from Canada. Despite most of the aluminum being recycled domestically, imported aluminum remains subject to tariffs, causing price fluctuations in the overall market for the metal.

The White House’s decision to double tariffs on aluminum imports from 25 percent to 50 percent, according to Vultaggio, has added $40 million in costs for Arizona Beverages. Vultaggio explained that he offsets these expenses by increasing sales volume and offering plastic-bottled alternatives. Starting next month, Arizona’s 20-ounce plastic “tall boys” will be priced at $1 instead of $1.25. “Offering value is always a good idea, and when you can do it, you should,” Vultaggio remarked.

Despite these challenges, Vultaggio remains steadfast in his commitment to consumers, stating, “I can kind of tighten my belt, because the people I service and the customers of mine, they’re tightening their belt every day.” He added that maintaining the 99-cent price is important to him, as he believes in providing affordable options for hardworking Americans. “I think I’d rather grow business than raise prices. I’d rather have more consumers buy my product. Nothing solves problems like volume,” he said.

Arizona’s largest manufacturing facility, located in New Jersey and known as “Arizonaland,” continues to produce the company’s signature products. Vultaggio concluded, “Since I can afford to do it, why not continue to do it?” Forbes estimates his net worth at $6.2 billion.

Image by Like_the_Grand_Canyon.

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August 20, 2025
Economy
News

India Is Reeling Under Trump Tariffs.

PULSE POINTS

❓WHAT HAPPENED: President Donald J. Trump imposed a 25 percent tariff on Indian exports, with plans to double it to 50 percent next week, citing India’s continued purchase of Russian oil.

👤WHO WAS INVOLVED: President Trump, Indian Prime Minister Narendra Modi, and senior officials from both nations.

📍WHEN & WHERE: The tariffs were announced in August 2025, after President Trump warned Russia would be subject to secondary sanctions if it does not make peace with Ukraine.

💬KEY QUOTE: “With Trump, everything is leverage. What seemed like alignment [with India] in February turned out to be a setup for pressure in August.” – Chietigj Bajpaee, Chatham House.

🎯IMPACT: The tariffs have strained the Indian economy and disrupted trade.

IN FULL

The Indian economy is under strain following President Donald J. Trump’s decision to impose a 25 percent tariff on Indian goods, with plans to raise it to 50 percent. The move, tied to India’s continued purchase of Russian oil, caught New Delhi off guard and sparked a rare public rift between the U.S. and Indian Prime Minister Narendra Modi.

In February, President Trump and Prime Minister Modi held a summit in Washington, D.C., announcing plans to grow bilateral trade to $500 billion by 2030. Modi then described the U.S. as “India’s most trusted partner”—despite the South Asian country’s membership of the BRICS bloc alongside China, Russia, and other countries often at odds with U.S. foreign and trade policy.

The tone has changed since February, as the Trump administration seeks to pressure Russia into making peace with Ukraine by imposing secondary sanctions on key trade partners. Chietigj Bajpaee, senior research fellow for South Asia in the Asia-Pacific Programme at Chatham House in England, commented, “With Trump, everything is leverage. What seemed like alignment in February turned out to be a setup for pressure in August.”

The tariffs target key Indian export sectors like textiles and leather goods. White House Deputy Chief of Staff for Policy Stephen Miller has noted that, beyond enriching Russia through energy purchases, India’s anti-American trade policies have played a role in the sanctions, explaining, “India portrays itself as being one of our closest friends in the world, but they don’t accept our products. They impose massive tariffs on us.”

“It is extremely unfortunate that the U.S. should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest,” India’s Ministry of External Affairs has complained. Indian arms purchases from the U.S. have also been paused in retaliation for the tariffs.

However, President Trump has signaled he is willing to stay the course, declaring in late July: “I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together.”

Notably, Indian nationals make up the majority of H-1B visa migrants in the U.S. These are notionally temporary and skilled workers, used heavily by U.S. tech giants like Google, Microsoft, and Infosys. Critics say the program undercuts American wages by allowing firms to hire cheaper foreign labor while sidelining U.S. workers.

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August 19, 2025
Economy
Politics

Bank Execs Reveal Pressure to ‘Debank’ Customers Under Biden, Obama Regimes.

PULSE POINTS

❓WHAT HAPPENED: President Donald J. Trump signed an executive order outlawing debanking practices. Senior banking executives have since revealed that the Biden and Obama governments pressured them to debank customers.

👤WHO WAS INVOLVED: Banking executives, President Donald J. Trump, and former Presidents Obama and Biden.

📍WHEN & WHERE: From the Obama administration to the present day, in the United States.

💬KEY QUOTE: “Those pressures were very, very real. When your regulator gives you a suggestion, it’s not a suggestion, it’s an order.” – Senior Banking Executive

🎯IMPACT: President Trump’s order aims to prevent banks from denying services based on political views, addressing concerns of political discrimination.

IN FULL

In the wake of President Donald J. Trump’s executive order banning “debanking,” top banking executives have alleged that both the Barack Obama and Joe Biden regimes pressured financial institutions to cut off services to individuals and industries based on political or ideological views.

“Debanking,” the practice of closing bank accounts or denying services, often without explanation, has drawn growing criticism from conservatives and religious groups in recent years. Although linked initially to anti–money laundering regulations, it is now being weaponized for political discrimination.

Two anonymous executives from major U.S. banks said regulators exploited vague federal laws to push banks to deny services. They pointed to programs like “Operation Choke Point,” launched under the Obama regime to target fraud-prone industries, as laying the groundwork. That pressure, they said, continued under Biden.

“Those pressures were very, very real. When your regulator gives you a suggestion, it’s not a suggestion, it’s an order. The political stuff is very real, those pressures are real,” one of the senior executives said.

President Trump has issued an executive order prohibiting banks from denying services based on political beliefs. The order directs federal agencies to investigate claims of politically motivated debanking.

JPMorgan Chase and other major financial institutions have updated internal policies, stating they do not close accounts based on political affiliation. Still, bank executives said that regulators continue pressuring them to flag “suspicious activities,” potentially resulting in indirect debanking.

Trump’s own businesses became the subject of a high-profile debanking case. In March 2025, the Trump Organization sued Capital One, alleging that over 300 business accounts were closed in 2021 due to “unsubstantiated, ‘woke’ beliefs.” The lawsuit alleged the bank believed “the political tide at the moment favored doing so.” Trump’s team said the closures caused “considerable financial harm.”

Debanking has also been used against populists internationally. In the United Kingdom, Reform Party leader Nigel Farage was debanked by Coutts, which claimed his views were “not compatible” with the bank’s values. After public backlash and an attempt to deceive the press about the reasons for the account closure, the bank apologized and paid Farage a settlement.

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August 18, 2025
Christopher Tomlinson
Economy

Trump Has Won the Average American $4k in Tax Cuts: Report.

PULSE POINTS

❓WHAT HAPPENED: President Donald J. Trump’s One Big Beautiful Bill Act (OBBBA) will save Americans an average of nearly $4,000 in tax cuts.

👤WHO WAS INVOLVED: President Donald J. Trump, Congress, the Tax Foundation.

📍WHEN & WHERE: The Tax Foundation released statistics on the OBBBA on August 13.

💬KEY QUOTE: “The OBBBA not only prevents a major tax increase for most filers but introduces new relief aimed at working households.” – Erica York, senior economist at the Tax Foundation

🎯IMPACT: The OBBBA will save Americans thousands of dollars per year, likely boosting spending and stimulating the economy.

IN FULL

The One Big Beautiful Bill Act (OBBBA), signed into law by President Donald J. Trump in July, will reduce federal taxes for individual filers by an average of $3,752 in 2026, according to new estimates from the Tax Foundation. The legislation marks the most significant update to federal tax policy since the 2017 Tax Cuts and Jobs Act (TCJA), which the America First leader also pioneered.

The OBBBA permanently extends the individual tax cuts first enacted under the TCJA, previously scheduled to expire at the end of 2025. Without this extension, roughly 62 percent of taxpayers would have seen their taxes increase starting in 2026. The law also introduces new tax breaks for individuals and businesses, including deductions for tips and overtime income, a larger standard deduction, and an expanded Child Tax Credit.

“The OBBBA not only prevents a major tax increase for most filers but introduces new relief aimed at working households,” said Erica York, senior economist at the Tax Foundation.

It also maintains 100 percent bonus depreciation for businesses and allows continued full expensing for domestic research and development (R&D) costs. Previously, these changes were slated to be phased out or reduced.

The Tax Foundation projects that the law will support the creation of around 938,000 full-time equivalent jobs over the long term.

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August 14, 2025
Economy
News

India Faces More Tariffs If Trump-Putin Talks Fail.

PULSE POINTS

❓WHAT HAPPENED: The United States imposed steep tariffs on Indian imports due to India’s continued purchase of Russian crude oil. It faces further penalties depending on the outcome of talks between President Donald J. Trump and Russian President Vladimir Putin in Alaska.

👤WHO WAS INVOLVED: U.S. Treasury Secretary Scott Bessent, President Donald J. Trump, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, and Ukrainian President Volodymyr Zelensky.

📍WHEN & WHERE: Tariffs were imposed on July 31 and August 6, with high-stakes meetings between Trump and Putin scheduled in Anchorage, Alaska, on Friday.

💬KEY QUOTE: “We’ve put secondary tariffs on Indians for buying Russian oil. And I could see, if things don’t go well, then sanctions or secondary tariffs could go up.” – Scott Bessent

🎯IMPACT: The tariffs threaten India’s key export sectors, including textiles and jewelry, and could lead to significant job losses in industries reliant on U.S. trade.

IN FULL

The United States has imposed steep tariffs on Indian imports in response to the country’s continued purchase of Russian crude oil. A 25 percent tariff was initially introduced on July 31, followed by another 25 percent on August 6, effectively raising the total tariff rate to 50 percent. Now, U.S. Treasury Secretary Scott Bessent has warned that more penalties could follow if upcoming talks between President Donald J. Trump and Russian President Vladimir Putin fail to achieve a ceasefire in Ukraine.

“We’ve put secondary tariffs on Indians for buying Russian oil. And I could see, if things don’t go well, then sanctions or secondary tariffs could go up,” Bessent said in an interview. He also called on European nations to align with the U.S. on sanctions, stressing their importance in maintaining pressure on Russia.

Trump, who is scheduled to meet Putin in Anchorage, Alaska, described the summit as a chance to “set the table” for future negotiations concerning Ukraine. He warned of “very severe consequences” if Putin does not agree to a truce, without providing details.

India, now the second-largest importer of Russian crude oil after China, has defended its stance, citing the need for cheap energy to support its economy. The Indian government labeled the U.S. tariffs as “unfair, unjustified, and unreasonable” and pledged to safeguard its national interests.

The new tariffs could severely impact India’s export-driven industries such as textiles, footwear, and jewelry, which together made up nearly $87 billion in trade with the U.S. last year. Experts warn that the heightened duties could erode the competitiveness of Indian exporters relative to counterparts in countries like Bangladesh and Vietnam, threatening millions of jobs in vital sectors.

Image via Wikimedia Commons.

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August 14, 2025
Economy

Jobless Claims Drop as Trump Economy Remains Resilient.

PULSE POINTS

❓WHAT HAPPENED: Weekly jobless claims in the U.S. fell modestly, dropping by 3,000 to 224,000 for the week ending August 9.

👤WHO WAS INVOLVED: The U.S. Labor Department reported the data, which reflects trends in layoffs and unemployment benefits.

📍WHEN & WHERE: The report covers the week ending August 9, with data released on Thursday.

🎯IMPACT: The data indicates a stable labor market, with the total number of Americans collecting unemployment benefits falling to 1.96 million.

IN FULL

The number of Americans who are filing for unemployment benefits fell modestly last week, continuing to reflect a stable labor market. The U.S. Labor Department reported Thursday that benefit applications for the week ending August 9 dropped by 3,000 to 224,000, coming in well below the forecasted 230,000 new applicants.

Importantly, weekly jobless claims are regarded as a key indicator of layoffs and the overall health of the labor market. Since the U.S. economy began recovering from the COVID-19 pandemic, claims have largely stayed within a historically healthy range of 200,000 to 250,000.

The report also noted that the four-week average of claims, which smooths out week-to-week volatility, rose slightly by 750 to 221,750. Despite this minor increase, the trend remains consistent with a robust labor market.

Additionally, the total number of Americans collecting unemployment benefits for the week ending August 2 fell by 15,000 to 1.96 million. The ongoing stability of the job market may increase pressure on Federal Reserve Chairman Jerome Powell to cut interest rates—a major point of contention between the central banker and President Donald J. Trump.

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August 13, 2025
Economy

Manufacturing Surges Under Trump’s ‘Made in America’ Drive.

PULSE POINTS

❓WHAT HAPPENED: Multiple major companies announced billions of dollars in investments to expand U.S.-based manufacturing and create thousands of American jobs.

👤WHO WAS INVOLVED: AbbVie, Apple, Century Aluminum, Ford, GE Appliances, and President Donald J. Trump’s administration.

📍WHEN & WHERE: Announcements made over the past week, boosting U.S. manufacturing plants across multiple states.

💬KEY QUOTE: “Historic trade victories and pro-American policies are bringing factories, jobs, and prosperity back to our country like never before.” – Donald Trump

🎯IMPACT: Significant job creation, increased manufacturing capacity, and billions in investments aimed at revitalizing American industry.

IN FULL

The American manufacturing economy is seeing a surge of investment driven by President Donald J. Trump’s tariff and deregulation policies. Over the past several weeks, numerous major companies—including AbbVie, Apple, Century Aluminum, Ford, and GE Appliances—have announced they will either shift production from overseas back to the United States or will expand existing domestic manufacturing facilities.

“Under President Donald J. Trump’s bold leadership and unwavering commitment to putting America First, our nation is witnessing an unprecedented surge in manufacturing investments and job creation,” the Trump White House said in a statement on Wednesday. “Historic trade victories and pro-American policies are bringing factories, jobs, and prosperity back to our country like never before—delivering big wins for hardworking Americans.”

AbbVie announced a $195 million investment to expand its American-based drug production capacity. Apple revealed plans to increase its U.S. investment to $600 billion over the next four years, bringing additional components of its supply chain and advanced manufacturing back home. This move will directly create 20,000 new American jobs and many thousands more across its suppliers.

Century Aluminum announced it will invest $50 million to revive its South Carolina manufacturing plant for the first time in a decade, returning its production to 2015 peak levels. Ford disclosed a $5 billion investment across its Kentucky and Michigan plants to develop a new midsize truck and advanced batteries.

Meanwhile, GE Appliances announced a $3 billion investment in its U.S.-based manufacturing, onshoring 1,000 jobs and expanding its plants across five states.

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August 13, 2025
Economy
Politics

Trump Admin Rejects UN Carbon Tax, Threatens Retaliation.

PULSE POINTS

❓WHAT HAPPENED: The Trump administration announced opposition to a United Nations (UN) proposal to impose a tax on the shipping industry to reduce carbon emissions.

👤WHO WAS INVOLVED: President Donald J. Trump, Secretary of State Marco Rubio, Secretary of Transportation Sean Duffy, Secretary of Energy Chris Wright, Secretary of Commerce Howard Lutnick, and the International Maritime Organization (IMO).

📍WHEN & WHERE: The proposal was approved by a UN committee in April and is set for a vote in October, with potential implementation in 2027.

💬KEY QUOTE: “Whatever its stated goals, the proposed framework is effectively a global carbon tax on Americans levied by an unaccountable UN organization.” – Trump administration statement

🎯IMPACT: The administration argues this proposal will increase costs for American consumers, energy providers, and shipping companies, and threatened retaliation against nations supporting the amendment.

IN FULL

The Trump administration has moved to oppose a United Nations (UN) proposal to impose a carbon emissions tax on the shipping industry, labeling it a “global carbon tax on Americans.” The proposal, known as the “Net-Zero Framework,” was approved by a committee of the UN’s International Maritime Organization (IMO) in April and is set for a vote in October. If implemented, it would go into effect in 2027.

The framework seeks to set new carbon emission standards for ships and introduce a global pricing mechanism for emissions. Ships exceeding the thresholds would face punitive fees, while those within the standards would receive financial incentives. The Trump administration has argued that this plan would raise costs for American consumers and businesses. “These fees will drive up energy and transportation and leisure cruise costs,” the administration’s statement warns.

In a joint statement, Secretary of State Marco Rubio, Secretary of Transportation Sean Duffy, Secretary of Energy Chris Wright, and Secretary of Commerce Howard Lutnick said the U.S. “unequivocally rejects this proposal” and will not accept any measures that increase costs for American citizens or businesses. The statement also warned that the U.S. would “not hesitate to retaliate or explore remedies” if the proposal is passed.

Secretary of Commerce Howard Lutnick criticized the framework in a separate statement, saying, “America is setting the terms on how our products are going to market. We have every right to refuse their ‘net-zero framework,’ which would be a tax on every shipment of American goods.” He added, “International bureaucrats can take their [woke] climate nonsense elsewhere.”

The Trump administration’s move to oppose the UN proposal aligns with its broader strategy to reduce foreign influence over American energy policy and deregulate the energy sector. Notably, President Trump withdrew the U.S. from the Paris Climate Accords on his first day in office.

Additionally, the Environmental Protection Agency (EPA) is working to roll back Barack Obama-era climate regulations, which could save American businesses and families an estimated $1 trillion in hidden costs, according to EPA Administrator Lee Zeldin.

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